Offshore bank

An offshore bank is a bank located outside the country of residence of the depositor. Typically, an individual or company will use an offshore bank in a low-tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include:

greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)

little or no taxation (i.e. tax havens)

easy access to deposits (at least in terms of regulation)

protection against local, political, or financial instability

While the term originates from the Channel Islands being "offshore" from the United Kingdom, and while most offshore banks are located in island nations to this day, the term is used figuratively to refer to any bank used for these advantages, regardless of location. Thus, an "offshore banks" include Swiss banks and those of other landlocked nations such as Luxembourg and Andorra.

This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Offshore_bank

Latest News for: Africa offshore banking

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Where they hide the cash

Information Clearing House 20 Mar 2019

When aid or debt relief are discussed, attention often focuses on corrupt leaders and governments in Africa and other parts of the developing world ... Since the 1980s, banks have targeted the world's roughly 8 million "high net-worth individuals" and encouraged them to hide their funds offshore....

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Investec plc (IVTJF) CEO Hendrik du Toit on March 2019 Pre-Close Briefing Call (Transcript)

Seeking Alpha 15 Mar 2019

Strong advisory and structuring fees in the UK Banking business, offset by lower investment banking and corporate client activity in South Africa, which is consistent with the environment ... So no other institution in South Africa can do that as seamlessly as we do, as the local banking, local interesting, offshore banking and offshore investing....

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13 Indian banks seek details of Mallya’s assets in Britain

The Times of India 22 Feb 2019

But so far there are many assets the banks believe belong to the indebted tycoon that they have not been able to seize ... “The registered owners are offshore companies or trusts,” the banks had also stated in their skeleton submissions for the hearing dated April 16-17, 2018....

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Indian banks seek to force entities holding details of Mallya’s UK assets to disclose them

The Times of India 22 Feb 2019

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Absa triumphs in Euromoney Private Banking and Wealth Management

Independent online (SA) 12 Feb 2019

CAPE TOWN – Absa Wealth Management has won several first places in the prestigious Euromoney Private Banking and Wealth Management Survey 2019, according to a report released on Tuesday ... Absa has a presence in 12 countries across Africa as well as an offshore solution in Mauritius which offers banking and investment management....

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Bankole: Aviation World Has Left Nigeria Behind

This Day 25 Jan 2019

When you look at the gains that have been made in other countries around the world and Africa in particular ... be the aviation hub for West Africa ... Because it was after the consolidation that we started seeing Nigerian banks having offices offshore in South Africa, London, New York....

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Moin Qureshi: The phantom in the CBI opera

Deccan Chronicle 31 Oct 2018

  ... “This is a case of illegal registration of FIR ... On the basis of examination of the documents seized during raids and telephonic intercepts, the I-T department informed the ED and the CBI about Mr Qureshi’s undisclosed offshore assets. The ED had sought information about his bank accounts in South Africa, Bermuda and Jersey ... ....

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Who is Moin Qureshi, the man who has come to bite the CBI again

Yahoo Daily News 22 Oct 2018

New Delhi, Oct 22 ... Also Read ... His full name is Moin Akthar Qureshi ... St ... On the basis of examination of the documents seized during raids and telephonic intercepts, the IT department informed the ED and the CBI about Qureshi's undisclosed offshore assets. The ED has sought information about his bank accounts in South Africa, Bermuda and Jersey ... PNB scam....

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Standard Chartered Bank pledges continued support to Belt and Road

China Daily 18 Oct 2018

"To date, we have participated in 50 projects and more than half of the projects are in Africa ... In Africa, SCB brought together an offshore commercial bank and a development finance institution to invest in the development of a new 300MW coal-fired power plant in Zambia....

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Confidence, collaboration and co-sharing: 3 Cs embodied in economic and trade cooperation between China and SA

Business Day 25 Sep 2018

The China-South Africa economic and trade relationship has always been the cornerstone in China-South Africa relations ... China-South Africa bilateral trade volume reached $39.17-billion in 2017 ... Bank of China, as part of its breakthrough initiative, issued the first offshore RMB bond in Africa, the Rainbow Bond....

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China's ICBC Partners up with Uganda counterpart in oil and gas development

CNTV 25 May 2018

By Timothy Sibasi, freelancer at Juka Africa Agency, Kampala Uganda ... Stanbic Bank Uganda and ICBC, the world's largest bank by assets, have already helped current and potential investors hoping to seize lucrative deals in the African nation. ICBC holds shares in Standard Bank of South Africa, which is the parent company of Stanbic Bank Uganda....

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We cannot afford such a strong currency

Independent online (SA) 26 Feb 2018

It should be remembered that foreign inflows are fickle, and when the tide turns the offshore investors are quick to exit the country. According to World Bank and Unctad statistics South Africa had not experienced net foreign direct investment outflows since 1991, but inflows varied widely....

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EDITORIAL: Liberalisation’s many returns

Business Day 23 Feb 2018

... that lay down the proportion of their assets that institutional investors such as pension and provident funds can hold offshore ... The Reserve Bank will have to issue a notice to make this official before investors can actually take money offshore....